According to a report in the Los Angeles Times, a loan officer who was recently convicted for his role in a scheme to cheat elderly homeowners out of money should serve as a reminder that the elderly may be prone to deceit when it comes to money. In this case, the loan officer, along with several other people, including a title agent, was convincing people to refinance reverse mortgages, to his own personal benefit. It is important to remember that reverse mortgages can be a very useful for people who own their homes to make use of the equity that they have to ensure their own financial security. However, a disreputable person may be able to talk an elderly person into a large financial transaction that he or she does not understand. When this happens, the elderly person becomes susceptible to financial elder abuse.
Fortunately, there are things that you can do to help protect your elderly loved ones from this kind of abuse. In many ways, the best thing that you can do for your family as they get older is to keep an open line of communication with them. Many people, as they age, are reluctant to talk about money with their children, worrying about losing their independence. If you know that your elderly family member is considering a major life decision, such as a reverse mortgage, discuss the decision with them. You want your family to fully understand the decisions that they make, and the possible consequences of those decisions. If you believe that someone is taking advantage of your elder loved one, speak with Colorado elder abuse attorney Rhett Meyer about your situation.
Contact an Attorney for a Free Consultation.
|Attorney Rhett R. Meyer practices law in Boulder and handles Elder Financial Exploitationcases.Call (303) 444-1618 for a free Elder Abuse case consultation or visit his office at:250 Arapahoe Ave
Boulder, CO 80302.Please visit his website at http://coloradoelderabuseattorney.com for more information.